All Forum Posts by: Account Closed

I found a property where the owner has passed passed away a year ago and they had no spouse or kids. I got in touch with a sibling but they didn’t want anything to do with the home or the situation. How do I go about acquiring this property before it gets foreclosed on? (State of Texas)

I suppose you could contact the bank and see if they will sell the note to you. This is done a lot between banks. If they will sell you the note, you can then foreclose on the property.

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Originally posted by @Amanda Dallman:

Hello,

I'm looking at my first REO deal in eastern WA and it has post and pier. I looking to brrrr this house but I'm wondering how hard it will be to sell when I decided to exit. I have heard it's hard to get lending on these house in WA. I'm talking with a broker today. What's the your experience with this?....

I did a lot of Fix & Flips in the Seattle area that were post & pier. I had no problems as long as they were solid. Individual posts aren't that particularly hard to replace. Pouring a foundation under them wouldn't add value. Consider the fact of the price point of the buyer. If you try to make an old house "new" you price them out of the market and you can't successfully compete with newer houses. That house is competition for "like style" houses not newer houses. Just keep control of your costs, don't overbuild, plan your exit strategy before you start tearing the house apart.

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Originally posted by @James Wise:

Originally posted by @Account Closed:

Originally posted by @Dawn Oree:

@Account Closed ... @James Wise was simply saying that though he has 200+ units, those units are not paying for his lifestyle. If he’s got multiple businesses and they bring in more than the property brings in, he may not want to lower his standard of living by letting go of his main source of income. I get that. To some, $120,000 per year is a lot, to others it’s their baseline monthly living expenses.

You say: "he has 200+ units, those units are not paying for his lifestyle"

Did you notice he works 80 hours per week? He has NO LifeStyle! * * * ;-) It's not a badge of honor to work that many hours.

I suppose that's one way to look at it. It's definitely not for everyone. However large companies aren't built by entrepreneurs who don't want to put in the time. I'd say taking a company's annual volume from $283k to $54M+ over the last 5 years is a badge of honor. I'd imagine many of the folks reading this would agree.

Congratulations. That is quite a professional accomplishment to say the least. However, Growing up I was taught that home and family were as important or more important. I guess that is where you and I part ways. To each his own. ;-) We'll let the future readers of this decide their own path and what they will exchange their limited time in this world for.

1 Vote

Originally posted by @Peter Testa:

Hi everybody!

I am trying to get some advice on what my next move should be. Last year in January of 2017 I bought a house in Ruby Hill, Denver for $227,000.

Spent a year doing renovations but now the house in brand new! Reno cost about $25K all on zero interest credit cards.

House is now worth ~$300,000. I am ready for my next move but not sure what it should be! I have all kinds of tools, contractors, and skills I’ve acquired in the last year. I could do a flip like this again in half the time for half the money.

The issue is capital. I still have a good chunk of debt to pay off and am still kind of scared of hard money. I live in this house so renting it out is not an option yet. Should I try wholesaling? Should I partner with someone? Should I become a project manager for other investors?

Would love some direction from you guys. Thanks!

Sell the house and use the proceeds for the next two houses.

1 Vote

Originally posted by @Hilary Hill:

Hey there, my husband and I are in the NW Houston area and we are just getting started in real estate investing. Listening to a lot of podcasts, stalking real estate investing fb groups, Youtube videos, etc. Excited to learn all we can!

Howdy partner. My wife and I invest in Austin to San Antonio so if we can offer any friendly neighborly advice, let me know.

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Originally posted by @Justin Yurong:

Hi all. When analyzing properties, where do you find how much a property would generally rent for? I have used Rentometer.com, but I've run out of free trials. Are there any other sites that estimate rents?

Continue using Rentometer. Don't be cheap. Pay for the full service. You are walking over dollars to pick up pennies. Once you realize the dollar value of your time you will see how silly your question is. No offense meant.

1 Vote

Originally posted by @Dawn Oree:

You say: "he has 200+ units, those units are not paying for his lifestyle"

Did you notice he works 80 hours per week? He has NO LifeStyle! * * * ;-) It's not a badge of honor to work that many hours.

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Originally posted by @James Wise:

Originally posted by @Dawn Oree:

I’ve recently been introduced to Renatus. I wanted to know if anyone here has used their education and mentorship to become successful in real estate. It’s a $20,000 commitment. I’d like to hear your feedback on their program if you’re so inclined.

Real Estate is actually incredibly simple at it's core. Nothing is secret, tricky or special. Where most people run into trouble is execution. They give up when they don't immediately see results. You have to stick it out & put up with the setbacks. Another thing I see is many of the investors who try to make a go at it are drastically under capitalized. To be successful at real estate investing you need a large amount of income coming in NOW so you can live off of it & invest the excess. Spending $20k on a course isn't going to fix any of those problems.

Too many look at this business as a way to quit their jobs. It's not a way to quit your job. If you are looking into real estate investing because you want to quit your job or you don't have enough money right now you are in this for the wrong reasons. If you are investing it's a way to provide yourself a better retirement. If you are looking to run an active real estate business, then yes you can quit your job & do that. But that's very different then investing.

Myself have a decent amount of rentals & work about 80 hours per week running my businesses. I will be the 1st one to tell you I am not living off of the money I make from the cash flow on my personal rental portfolio (200+ rentals) I am living off of the money that is generated from the $50M+ in annual volume of our Sales, Property Management, Insurance, Title & Digital Media businesses.

@James Wise, Whoa, now you've confused me. You say: "I work about 80 hours per week running my businesses. I will be the 1st one to tell you I am not living off of the money I make from the cash flow on my personal rental portfolio (200+ rentals)"

Okay, I'm missing something. We live pretty dang well off of under 20 properties and it takes me less than 30 hours a week. Most of that time is spent looking for the next property which I enjoy doing. It's more of a hobby to me than a job. We sleep in, go to dinners, travel when we want to, follow the news, play a lot, and tutor people. How can you Not make a dang good living on 200 units? Can't you hire a property manager and work a whole lot fewer hours? I bought my properties using "Subject To" and Wraps, didn't use banks and I have tremendous cash flow. I have to guess you did things that way too, No?

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Originally posted by @Aaron Rowzee:

@Account Closed

Thank you so much for the info! This has directly resulted in traction on this JV flip I'm currently involved in. Last question: Do you have a recommended contract or contract source you use for situations like this? I know there are a lot of legal form sites, but having someone here who has used one previously makes the decision much easier.

My contracts were specifically written for me by my attorney for my specific needs and specific places where I invest. I for one, wouldn't use a form agreement bought on-line if the project is serious. Since I only buy properties using Subject To, Wraps and Lease Options the agreement is geared to that. If you use any bank financing you need to have provisions that cover it. You can check with Attorney Dan Castro in Austin and see if he is still drawing up agreements. There is an attorney in The Woodlands which is closer to you but I can't think of his name. He wrote a website on Lease Options in Texas so you might do a search and find him. He does all kinds of creative financing legal work.

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All Forum Posts by: Account Closed

Account Closed has started 9 posts and replied 390 times.

Post: Financing Multi-Family Properties

Post: How to acquire a vacant property without a owner?

Post: Post and pier in Washington state

Post: Renatus Education I’m Considering Joining. Any Advice?

Post: Where Do I Go From Here?

Post: Brand new from Houston area

Post: How do you estimate rent?

Post: Renatus Education I’m Considering Joining. Any Advice?

Post: Renatus Education I’m Considering Joining. Any Advice?

Post: Joint Venture Flip Questions